NBT Bancorp (NASDAQ:NBTB) Shares Gap Down on Disappointing Earnings

NBT Bancorp Inc. (NASDAQ:NBTB)’s share price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $45.29, but opened at $43.24. NBT Bancorp shares last traded at $43.0050, with a volume of 46,854 shares.

The bank reported $0.97 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.01). The firm had revenue of $184.48 million for the quarter, compared to analysts’ expectations of $185.36 million. NBT Bancorp had a net margin of 18.67% and a return on equity of 10.86%.

NBT Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.4%. The ex-dividend date was Monday, March 2nd. NBT Bancorp’s dividend payout ratio (DPR) is currently 44.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on NBTB shares. DA Davidson started coverage on NBT Bancorp in a report on Wednesday, February 25th. They issued a “buy” rating and a $54.00 target price for the company. Piper Sandler started coverage on NBT Bancorp in a report on Monday, March 16th. They issued an “overweight” rating and a $50.00 target price for the company. Brean Capital cut NBT Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, February 20th. Weiss Ratings upgraded NBT Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Finally, Janney Montgomery Scott cut NBT Bancorp from a “buy” rating to a “neutral” rating in a report on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.00.

Insider Buying and Selling

In other NBT Bancorp news, Director Timothy E. Delaney acquired 22,730 shares of the company’s stock in a transaction that occurred on Wednesday, January 28th. The stock was bought at an average price of $42.97 per share, for a total transaction of $976,708.10. Following the acquisition, the director directly owned 74,615 shares in the company, valued at $3,206,206.55. The trade was a 43.81% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Amy Wiles sold 4,435 shares of the business’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $45.72, for a total value of $202,768.20. Following the transaction, the executive vice president owned 21,500 shares of the company’s stock, valued at approximately $982,980. The trade was a 17.10% decrease in their position. The SEC filing for this sale provides additional information. 3.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NBT Bancorp

Large investors have recently bought and sold shares of the business. SG Americas Securities LLC boosted its holdings in NBT Bancorp by 195.7% during the 4th quarter. SG Americas Securities LLC now owns 71,852 shares of the bank’s stock valued at $2,983,000 after acquiring an additional 47,550 shares during the period. Savant Capital LLC boosted its holdings in NBT Bancorp by 168.4% during the 3rd quarter. Savant Capital LLC now owns 71,060 shares of the bank’s stock valued at $2,967,000 after acquiring an additional 44,585 shares during the period. Tudor Investment Corp ET AL bought a new stake in NBT Bancorp during the 3rd quarter valued at $4,886,000. JPMorgan Chase & Co. raised its position in NBT Bancorp by 26.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 334,913 shares of the bank’s stock valued at $13,986,000 after purchasing an additional 70,594 shares in the last quarter. Finally, Financial Planning Hawaii Inc. bought a new stake in NBT Bancorp during the 4th quarter valued at $641,000. Hedge funds and other institutional investors own 58.46% of the company’s stock.

NBT Bancorp Trading Down 5.0%

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09. The stock has a 50-day simple moving average of $43.45 and a two-hundred day simple moving average of $42.76. The firm has a market capitalization of $2.24 billion, a P/E ratio of 13.07 and a beta of 0.47.

About NBT Bancorp

NBT Bancorp, Inc (NASDAQ: NBTB) is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.

In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.